Big Builder Online readers have mixed feelings on how effective they think the recently enacted home buyer tax credit extension/expansion will be.
In a recent survey, 32.1% of respondents said the extension/expansion will be more effective than the initial $8,000 first-time home buyer tax credit, and 28.6% of respondents said it will be just as effective. "It opens the doors for more folks, which in turn opens opportunities, jobs, growth, etc.for others. This is a win-win for everybody," noted one respondent.
However, 21.4% of respondents said they think the extension/expansion won't be as effective, while 17.9% of respondents were still on the fence.
Approximately two-thirds of the respondents--67.9%--said they think the extension/expansion will benefit both public and private builders equally.But 25% of respondents said they think publics will benefit more, and 7.1% of respondents said it will favor the privates.
When it comes to spec building over the next few months, 39.1% of respondents said they plan to keep their spec building the same, 32.1% have no plans to build specs, and 28.6% are planning to increase the amount of specs.
What does the future hold after the extended/expanded tax credit expires in April? Half of the respondents said they expect to see a limited drop-off in sales, with 25% predicting a more significant drop-off. However, 14.3% of the respondents are more optimistic, saying they expect sales to continue after the deadline passes. The remaining 10.7% of respondents are still undecided.